Are you also shocked to hear to 200 Cr Loss in FY 2022 by KOO App ? We are here with complete friends. Koo App Lost Latest news will help you to understand the present scenario.
In the financial year 2022, Koo app said that there was 202 crore loss and 17 lakh profit. The Bengaluru-based firm’s Indian social media app remained in pre-revenue stages in its second fiscal year of operations. Founded by Aprameya Radhakrishna and Mayank Bidawatka in early 2020, Koo is a multi-lingual microblogging platform.Koo was valued at around $275 million following its latest fundraise of $5 million led by Tiger Global. Entrackr had exclusively reported about the fundraiser in November 2022. Koo’s other backers include Accel, 3one4 Capital, Kalaari Capital, and Blume Ventures.
Koo, Twitter’s rival in India, fires 30% staff on funding crunch.Homegrown microblogging 2/ Our platform Koo has scaled up fast with a download of 60 million in the last three years. But the startup seems to be losing momentum on monthly active users.The microblogging website, touted as a desi alternative to Twitter, saw monthly active users fall to about 3.1 million in April 2023, in the third straight month of decline this year.
: Koo, the Indian microblogging platform and rival to Twitter, is grappling with financial challenges and a decline in monthly active users. In the fiscal year 2022, the company reported a loss of ₹202 crore ($27 million) but managed to generate a modest profit of ₹17 lakh ($23,000). The Bengaluru-based firm remains in the pre-revenue stages despite rapid growth in downloads over the last three years.
Founded by Aprameya Radhakrishna and Mayank Bidawatka in early 2020, Koo has positioned itself as a multi-lingual microblogging platform, aiming to provide a desi alternative to Twitter. The platform gained significant attention and was valued at approximately $275 million following its latest fundraise of $5 million led by Tiger Global in November 2022. Notable backers of Koo include Accel, 3one4 Capital, Kalaari Capital, and Blume Ventures.
Despite the successful fundraising efforts, Koo has been facing challenges in recent months. The company has reportedly had to take drastic measures in response to a funding crunch, resulting in the termination of 30% of its staff.
One of the key indicators of Koo’s struggles is the decline in monthly active users. In April 2023, Koo recorded approximately 3.1 million monthly active users, marking the third consecutive month of decline this year. This drop in user engagement comes as a surprise for a platform that had seen remarkable growth, boasting 60 million downloads in just three years.
Koo’s decline in monthly active users may be attributed to increased competition, with other social media platforms vying for user attention in the Indian market. Additionally, sustaining a desi alternative to global giants like Twitter requires continuous innovation and investment, which can be challenging in a competitive environment.
As Koo navigates these challenges, its founders and investors are likely to reassess their strategies to regain momentum and compete effectively in the Indian social media landscape. Whether Koo can bounce back from its current setbacks remains to be seen, but it is clear that the company faces a tough road ahead in its quest to establish itself as a prominent player in the Indian microblogging space.
